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To: long-gone who wrote (40848)	9/26/1999 4:45:00 PM
From: Alex	Respond to of 116764

IMF: Argentina's Fernandez says 'unwarranted' bond spreads may provoke crisis WASHINGTON (AFX) - Unusually high and unwarranted bond spreads for Latin American borrowers could provoke a liquidity crisis in the region, according to Argentine Finance Minister Roque Fernandez. "Investors have adopted a conservative attitude, increasing financing spreads to unusually high levels which are difficult to justify, considering the scope of structural reforms already implemented in many countries. These unwarranted spreads, if they persist, may end up provoking a liquidity crisis," Fernandez said in a statement to the IMF interim committee. Fernandez said it is critical that the international financial community be ready "to develop and implement an effective framework to prevent and resolve crises if they arise, including through the provision of adequate financing." He noted that some people in Latin America are questioning the benefits both of globalization and the process of structural reforms because of "adjustment fatigue" and the consequences of recurrent external shocks, "which have led to a dramatic deterioration of the terms of trade and to a substantial transfer of real resources to advanced countries." al/sz N For more information and to contact AFX: www.afxnews.com and www.afxpress.com ¸ Copyright 1999, The Nasdaq Stock Market, Inc. All Rights Reserved. nasdaq.co.uk